(MENAFN- Daily News Egypt) Al Baraka Bank is in the process of acquiring 10% of Taly for digital payments, in the upcoming two months, sources told Daily News Egypt. Taly is a payment platform recently launched by Banque du Caire, with a capital of EGP 500m.
The sources said that the implementation is awaiting the fair value of the company to be determined, especially since the evaluation is based on the future of the company not monitoring tangible assets.
Elite Financial Consulting acts as an independent financial advisor to determine the fair value of the company appointed by Al Baraka Bank.
The sources added that the bank is considering many opportunities in different companies and is focusing on technology and real estate ones, in addition to raising its shares in some companies in which it already owns a stake.
The sources revealed that the bank is considering raising its stake in Al Tawfeek Financial Lease (AT Lease) to more than 10% during the coming period, explaining that the bank owns a current stake estimated at 7.5%.
Al Baraka Bank owns 98% of the shares of its subsidiary, Al Baraka Financial Investments, which it established in 2018, with a capital of EGP 200m, before reducing it to EGP 100m.
During the past year, Al-Baraka Capital established another company, which is Tanfeez Real Estate Investment and Urban Development, with an authorized capital of EGP 50m, an issued capital of EGP 5m, and a paid-up capital of EGP 1.25m.
The assets of the Sharia-compliant bank at the end of last year amounted to EGP 87.2bn, while the bank's net profit increased by 55.4% over the past year, reaching EGP 1.74bn, compared to a profit of EGP 1.12bn in 2021.
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